Week Ending April 17, 2026
The Biggest Build-Out in History
The numbers behind the AI revolution are staggering. America’s largest tech companies have committed $650 billion in capital expenditures for 2026 alone — roughly 2% of U.S. GDP — to build out the infrastructure powering artificial intelligence.
That spending is already creating winners beyond Silicon Valley. Companies supplying the picks and shovels of this buildout — think Caterpillar, Carrier, and Nvidia — are seeing demand that few could have anticipated just a few years ago.
To put the scale in perspective: this investment dwarfs the Manhattan Project, the Apollo program, and even the internet buildout. Each of those moments in history didn’t just produce a single breakthrough — they spawned entirely new industries and reshaped the economy for decades.
The AI buildout may well do the same.
SOURCE: Capital Group
An Effective, Unpopular Way to Help Fix Social Security: $100K Cap
Your tax return is more than a filing — it’s a planning roadmap.
At Cestia Wealth Management, we believe a proactive tax return review is one of the highest-value conversations we can have with clients each year. Here’s what we look at — and why it matters for your financial picture.
- Filing status. Married filing jointly is the default — but it isn’t always optimal. Separation, prior-year divorce, or widowhood can each open alternative strategies worth evaluating.
- Dependent & family credits. Dependent children may unlock meaningful credits. We review eligibility and ensure nothing has been left on the table due to life changes in the prior year.
- Investment income reporting. Dividends, capital gains, and sales of securities each carry their own reporting requirements. We verify accuracy and look for tax-loss harvesting opportunities going forward.
- Tax-advantaged accounts. IRA conversions, HSA contributions, and 401(k) activity all flow through the return. A Roth conversion that wasn’t tracked properly can create an unexpected tax bill.
- Rental real estate. Rental income, depreciation schedules, and passive loss rules require careful attention. Missed deductions and misclassified income are among the most common errors we encounter.
- State-specific considerations. State tax rules vary widely and don’t always mirror federal treatment. Multi-state income, residency changes, and local deductions can all affect your overall liability.
A tax return review isn’t about catching errors after the fact — it’s about understanding where you stand and positioning you better for the year ahead. Whether you’re a new client or a longtime one, this conversation is a cornerstone of proactive wealth management at Cestia. Reach out to your advisor to schedule your review.
Equities
- S&P 500 +4.55%; Russell 2000 outperformed at +5.57%
- Earnings season strong out of the gate — 88% of reporters beat EPS estimates; blended Q1 2026 growth rate at 13.2%, potentially the sixth straight quarter of double-digit gains
- Growth over value: Large Cap Growth +6.72% vs. Large Cap Value +2.41%
- Leading sectors: Info Technology (+8.09%), Consumer Discretionary (+6.64%), Communication Services (+6.28%)
- Energy the lone detractor (-3.50%) as WTI crude slipped
- International markets participated: MSCI EM +3.23%, MSCI EAFE +2.20%
Fixed Income
- Yields fell across the curve; 10-year Treasury closed at 4.26%, 2-year at 3.71% (55 bps spread)
- Bloomberg US Aggregate +0.55%; High Yield +0.66%
- Corporate bonds positive across durations: Short-term +0.40%, Long-term +0.98%
- Credit spreads tightened to historically tight levels; IG and HY yields at 4.98% and 7.14%
Macro Backdrop
- Data light, but Q1 bank earnings well-received — management flagged steady consumer spending and a stable outlook
- Wholesale inflation encouraging: headline PPI +0.5% (below expectations), core PPI cooled to +0.1% MoM; YoY still elevated at 3.8%
- Jobless claims fell to 207K; continuing claims ticked up to 1.818M
- Industrial production declined 0.5% in March; broad softness in mining, utilities, and manufacturing
- Regional manufacturing showed an April pickup in new orders — a potential positive offset
- Housing remains a drag: existing home sales and builder sentiment both weak on affordability concerns
(as of Monday’s Market Opening)
| Total Return (1D) | Total Return (1W) | Total Return (MTD) | Total Return (QTD) | Total Return (YTD) | Total Return (2025) | |
| S&P 500 | 1.20% | 3.48% | 9.15% | 9.15% | 4.10% | 16.39% |
| Dow Jones Industrial Average | 1.79% | 2.55% | 6.70% | 6.70% | 2.88% | 12.97% |
| NASDAQ | 1.52% | 5.54% | 13.33% | 13.33% | 5.28% | 20.36% |
| NASDAQ 100 | 1.29% | 5.08% | 12.35% | 12.35% | 5.63% | 20.17% |
| Russell 1000 | 1.21% | 4.53% | 9.07% | 9.07% | 4.38% | 17.18% |
| Russell 2000 | 2.16% | 5.54% | 11.20% | 11.20% | 12.23% | 12.66% |
| Russell 3000 | 1.24% | 4.56% | 9.09% | 9.09% | 4.73% | 16.96% |
| ACWI | 1.34% | 4.04% | 9.06% | 9.06% | 6.65% | 22.41% |
Global Client Survey
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Disclosures
- Wealth Mechanics™ is a registered trademark of Cestia Wealth Management. Unauthorized use of the trademark, including but not limited to commercial use, reproduction, or imitation without explicit written permission from Cestia Wealth Management, is strictly prohibited.
- Market commentary provided by NewEdge Advisors
- Charts concerning market data are provided by Exhibit A.
- Guides and other downloadable firm material respective to financial planning processes and data are provided and powered by fpPathfinder.
- Advisory services offered through NewEdge Advisors, LLC, a registered investment adviser. Securities offered through NewEdge Securities, LLC. Member FINRA/SIPC. NewEdge Advisors, LLC and NewEdge Securities, LLC are wholly owned subsidiaries of NewEdge Capital Group, LLC.
- Cestia Wealth Management is not a legal tax professional. We offer tax gap analysis for clients who desire to have a comprehensive financial plan, which requires in-depth tax strategy and planning as a distinct part of the overall customized solution. Please consult your tax professional on all matters addressed in this report.
- Information about annuities are not to be considered a recommendation. The information provided should not considered a recommendation to purchase or sell any particular security.
- Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is no guarantee of future results. Please note that individual situations can vary. Therefore, the information presented here should only be relied upon when coordinated with individual professional advice.
